Letters | Early hospital buyout is a bad deal
June 27, 2012 · 4:00 PM
I attended an early morning special meeting of the Snoqualmie Valley Hospital, 7:30 a.m., June 20.
The administration of the hospital has been in negotiations with the Snoqualmie Tribe for a buyout of the hospital contract. The Tribe has a $28 million balance on the purchase of the hospital. The administration has agreed to accept half that amount as payment in full. With a stroke of the pen, and the blessings of the commissioners, the hospital district lost $14 million.
The Tribe and the district all agree that there is a perfectly good, legal contract in place. The contract had called for a balloon payment of the total balance in 2015, three years from now. Instead of waiting for three years and getting the whole amount, the district has agreed to forgive the debt for $14 million.
There were many muddled and varied reasons for this crazy deal. I got the feeling even the commissioners didn’t understand the need. Alas, they voted for it anyway. Did I mention the first $6 million is designated by contract to pay and finalize the purchase of the Leisure Time property? Desperate times call for desperate measures. Sounds like somebody’s hurting for money, once again.